The Federal Government has called for sustained investment in the Nigeria’s oil and gas industry, emphasising the need for policy stability, regulatory certainty, security and faster project execution to keep the sector competitive.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, stated this at the 2nd Annual Conference of the Association of Energy Correspondents, Abuja FCT (AECAF), themed ‘Sustaining Oil and Gas Investment in Nigeria Amid Energy Transition,’ which was held on Thursday in Abuja.
The minister, who was represented by his Senior Technical Adviser (STA), Abel Nsa, said the ongoing reforms introduced by President Bola Tinubu in the oil and gas sector were targeted at providing clarity, strengthening regulatory institutions, and creating a more competitive operating environment for investors in line with the implementation of the Petroleum Industry Act (PIA) 2021.
Ekpo, who delivered an address titled, ‘Unlocking Gas Investment for Domestic Growth and Energy Security’, said the Federal Government remains committed to building a petroleum industry that is competitive, investment-friendly and capable of delivering tangible benefits to Nigerians, adding that the government’s objective was to ensure that oil and gas remain important contributors to national development.
The minister said, ‘Across the world, the energy sector is undergoing significant transformation, driven by technology, changing consumer preferences, climate considerations and evolving investment priorities. For Nigeria, the challenge is to navigate this transition in a manner that safeguards energy security, promotes economic growth, attracts investment and ensures that our abundant natural resources continue to deliver value to our people.
‘Nigeria remains fundamentally an energy-rich country, with significant oil and gas resources and enormous potential across the entire petroleum value chain. Our task is therefore not simply to produce hydrocarbons, but to create an investment environment that enables these resources to support industrialisation, job creation, infrastructure development and improved living standards.?This requires a sustained commitment to policy stability, regulatory certainty, fiscal competitiveness, security and efficient project delivery.’